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Dividend Payments 2012 (Sólo Lectura)

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Dividend Payments 2012 (Sólo Lectura) Dividend payments in 2012 May 11, 2012 ■ We estimate that the 55 companies that we follow and the Naftrac ETF combined will pay cash dividends amounting to MP 98 billion in 2012, which is equivalent to USD 7.2 billion at the current exchange rate. This figure represents 1.8% of the market capitalization of this sample; ■ The highest dividend payers include GMexico (MP 15.6 billion), AMX (MP 15.4 billion) GModelo (MP 14.1 billion) and Walmex (MP 9.8 billion). These four companies combined account for 56% of dividends to be paid this year by our simple; ■ The highest dividend yields include those of Gap B (+7.4%), Funo 11 (+5.6%), Soriana (5.5%), Chdraui B (+4.9%), GMexico (+4.9%) and Bolsa (+4.7%, today it was ex-dividend). Cemex was the largest company that didn’t pay any cash dividends, but it implemented a share dividend; ■ We continue to believe that the right investment strategy should focus on those companies with solid fundamentals and growth prospects, low multiples and a high dividend yield. IPC Index Dividend payment Dividend (Million of MP) yield (%) 42,000 GMexico B 15,570.0 Gap B 7.4 Amx L 15,398.4 Funo 11 5.6 40,000 GModeloc C 14,090.5 Soriana 5.5 38,000 Walmex V 9,760.9 GMexico B 4.9 Femsa UBD 6,637.2 Chedraui 4.9 36,000 Peñoles * 6,558.0 Bolsa A 4.7 34,000 Kof L 5,506.8 Oma B 4.6 Kimber A 3,784.2 Kimber A 4.5 32,000 Soriana 3,600.0 GModeloc C 4.4 30,000 AC * 2,416.5 Alsea 4.0 -11 -11 -11 -11 -12 r-12 y y g g p Gap B 2,075.7 Autlan B 3.5 p Jul-11 Oct-11 Oct-11 A Jun-11 Jun-11 Jan-12 Jan-12 Mar-12 Mar-12 Feb-12 Au Au Se Nov-11 Dec-11 Ma Chedraui 1,638.7 Asur B 3.4 Ma Alfa A 1,487.0 Maseca B 3.1 Tlevisa CPO 1,097.8 Peñoles * 2.8 Asur B 1,080.0 Herdez * 2.8 Bolsa A 770.3 AC * 2.2 Bimbo A 705.5 Comparc * 1.9 GCarso A1 686.9 Kof L 1.9 Funo 11 633.9 Walmex 1.6 Mexchem * 540.0 Femsa UBD 1.6 Comparc * 498.7 Alfa A 1.5 Oma B 498.6 GFRegio O 1.5 Maseca B 455.0 Amx L 1.2 Alsea 432.3 CMoctez * 1.0 Herdez * 367.2 Bachoco B 1.0 Equity Research Team Livepol 1 362.6 Actinver B 0.9 [email protected] CMoctez * 264.1 GCarso A1 0.7 GFRegio O 180.4 Tlevisa CPO 0.6 +52 (55) 1103 6600 x 5800 Azteca CPO 149.3 Mexchem * 0.6 Bachoco B 149.3 Azteca CPO 0.6 Corporación Actinver Autlan B 121.5 Bimbo A 0.5 Corporate Headquarters Naftrac 88.0 Livepol 1 0.3 Guillermo González Camarena # 1200 Actinver B 52.3 Naftrac 0.1 5th Floor, Santa Fé Total 97,657.4 Average 1.8 México, City 01210 1 Disclaimer Analyst Certification for the following Analysts: Pablo Adolfo Riveroll Sanchez Jaime Ascencio David Foulkes Karla Peña Martin Lara Pablo Duarte Ramón Ortiz Roberto Galván The analyst(s) responsible for this report, certifies(y) that the opinion(s) on any of the securities or issuers mentioned in this document, as well as any views or forecasts expressed herein accurately reflect their personal view(s). No part of their compensation was, is or will be directly or indirectly related to the specific recommendation(s) or views contained in this document. Any of the business units of Grupo Actinver or its affiliates may seek to do business with any company discussed in this research document. Any past or potential future compensation received by Grupo Actinver or any of its affiliates from any issuer mentioned in this report has not had and will not have any effect our analysts’ compensation. However, as for any other employee of Grupo Actinver and its affiliates, our analysts’ compensation is affected by the overall profitability of Grupo Actinver and its affiliates. Guide to our Rating Methodology Total Expected Return on any security under coverage includes dividends and/or other forms of wealth distribution expected to be implemented by the issuers, in addition to the expected stock price appreciation or depreciation over the next twelve months based on our analysts’ price targets. Analysts uses a wide variety of methods to calculate price targets that, among others, include Discounted Cash Flow models, models based on expected risk-adjusted multiples, Sum-of-Parts valuation techniques, break-up scenarios and relative valuation models. Changes in our price targets and/or our recommendations. Companies under coverage are under constant surveillance and as a result of such surveillance our analysts update their models resulting in potential changes to their price targets. Changes in general business conditions potentially affecting either the cost of capital and/or growth prospects of all companies under coverage, or a given industry, or a group of industries are typical triggers for revisions to our price targets and/or recommendations. Other micro- and macroeconomic events could materially affect the overall prospects of an individual company under coverage and, as a result, such event-driven factors could lead to changes in our price targets and/or recommendation of the company affected. Even if our overall expectations for a given company under coverage have not materially changed, our recommendations are subject to revision if the stock price has changed significantly, as it will affect total expected return. Terms such as "price targets, our price targets, total expected return, analyst's price targets” or any other similar phrase are used in this document as complementary to our recommendation or as a condition that could change in our point of view and, according to article 188 of Securities Market Act, do not imply in any way that Actinver, its agents, or its related companies are in any form providing assurance or guarantee, nor assuming any responsibility for the risks associated with any investment in the discussed securities. Recommendations for companies, both in the Índice de Precios y Cotizaciones (IPyC) Index and also not belonging to the index. For stocks, we have three possible recommendations: a) BUY, b) HOLD or c) SELL. A stock classified as BUY is expected to yield returns at least 5% above than that of the IPyC Index. Stocks rated as HOLD are expected to yield returns similar to the IPyC Index, within a range of +5/-5%. Many of the companies within this range are often times solid companies which have reached their potential in a short amount of time and should still be considered as a good investment. Stocks rated as SELL are expected to yield returns below 5% of the IPyC Index. Rating Distribution as of December 21, 2011 All Companies in the BMV BUY: 70% HOLD: 22% SELL: 8% 2 Research Pablo Adolfo (52) 55 1103-6600 Managing Director of Research and Risk [email protected] Riveroll Sánchez x5800 (52) 55 1103-6600 Jaime Ascencio Economy & Markets [email protected] x5032 (52) 55 1103-6600 David Foulkes Retail [email protected] X5045 (52) 55 1103-6600 Karla Peña Food & Beverages [email protected] x5035 (52) 55 1103-6600 Martín Lara Telecoms, Media & Financials [email protected] x5033 (52) 55 8173-5200 Pablo Duarte Conglomerates, Industrial & Mining [email protected] x80161 (52) 55 1103-6600 Ramón Ortiz Concessions, Construction & Real Estate [email protected] x5034 (52) 55 1103-6600 José Luis Saiz Analyst Jr. [email protected] x5023 (52) 55 1103 -6600 Roberto Galván Technical Analysis [email protected] x5039 Investment Strategy Ernesto O’Farrill Head, Investment Strategy (52) 55 1103-6645 [email protected] (52) 55 1103-6600 Fátima Villalba Investment Strategy [email protected] x1158 Sales & Trading Gerardo Román Head, Sales & Trading (52) 55 1103-6690 [email protected] Julie Roberts Head, Institutional Sales (210) 298 - 5371 [email protected] Tulio Chávez Institutional Sales (52) 55 1103-6762 [email protected] José María Celorio Institutional Sales (52) 55 1103-6606 [email protected] María Antonia Institutional Sales (52) 55 1103-6796 [email protected] Gutiérrez 3 .
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